Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2019 Transactions Date Description of the...
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Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2019 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As an example of how to journalize and post a transaction - this transaction has already been entered into the General Jounal and posted to the General Ledger.) July 1 Receive $72,150.00 cash from new investors, and issue $72,150.00 of Common Stock to them. July 1 Purchase $39,900.00 of new mowing equipment, paying cash to the mower dealer. July 1 Pay $500.00 cash for the July truck rental. July 3 Invoice a new customer $2,175.00 for a completed mowing job - customer will pay in 10 days. July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $22,500.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $6,000.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer -- customer pays $6,500.00 cash for the job. July 12 Collect S3,500,00 cash from the golf course for special rush mowing job completed on May 31. July 14 Pay the employees $7,500.00 for work performed during the 2nd week of July. July 15 Purchase $1,180.00 of supplies from the mower dealer The supplies are consumed immediately. Lenny's will pay the mower dealer for the supplies in about 2 weeks. July 15 Collect $2,175.00 on account The cash that is received is from the new customer for the job that was completed on July 3 July 17 One of the original mowers purchased in January of 2018 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $740.00. Lenny's will pay the mower dealer in 30 days. July 19 Purchase for cash $21,000.00 of supplies. These supplies will be consumed over the next 12 months. July 20 Collect $30,000.00 from the property management company for work performed in June. July 21 Pay the employees $6,850.00 for work performed during the 3rd week of July. July 23 Receive a $24,000.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2019 to January 31, 2020. July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $4,100.00. The golf course pays $500.00 cash on this date and will pay the remainder on August 25. July 27 Complete a mowing job for a new customer - customer pays $3,800.00 cash for the job. July 27 Pay $1,180.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $5,300.00 for work performed during the 4th week of July. July 31 Invoice the property management company $14,550.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. July 31 Pay the cash dividend which was declared on July 5. 口回□□□ |口|□|□| Lenny's Lawn Service, Inc. Chart of Accounts Account # Account Name Assets: 100 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities: Accounts Payable Wages Payable Interest Payable 105 110 150 155 200 205 210 215 Unearned Revenue Dividends Payable Note Payable Equity: Common Stock 220 250 300 Retained Earnings Revenues: 305 400 Service Revenue Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense 500 505 510 515 520 550 Lenny's Lawn Service, Inc. - General Journal Page # 1 2019 Account Posted Debit Credit Account Name Month-Day Number 7-1 100 Cash 35,000.00 X 35,000.00 Notes Payable Borrowed on Note Payable 250 Lenny's Lawn Service, Inc. - Transactions - Additional Information July 2019 Transactions Date Description of the Transaction July 1 Borrow $35,000.00 from 1st Bank by signing a 24 month note. (As an example of how to journalize and post a transaction - this transaction has already been entered into the General Jounal and posted to the General Ledger.) July 1 Receive $72,150.00 cash from new investors, and issue $72,150.00 of Common Stock to them. July 1 Purchase $39,900.00 of new mowing equipment, paying cash to the mower dealer. July 1 Pay $500.00 cash for the July truck rental. July 3 Invoice a new customer $2,175.00 for a completed mowing job - customer will pay in 10 days. July 5 The Board of Directors declares a cash dividend. The total amount of the dividend is $22,500.00 The Date of Record is set as July 15. The Date of Payment is set as July 31. July 7 Pay the employees $6,000.00 for work performed during the 1st week of July. July 10 Complete a mowing job for a new customer -- customer pays $6,500.00 cash for the job. July 12 Collect S3,500,00 cash from the golf course for special rush mowing job completed on May 31. July 14 Pay the employees $7,500.00 for work performed during the 2nd week of July. July 15 Purchase $1,180.00 of supplies from the mower dealer The supplies are consumed immediately. Lenny's will pay the mower dealer for the supplies in about 2 weeks. July 15 Collect $2,175.00 on account The cash that is received is from the new customer for the job that was completed on July 3 July 17 One of the original mowers purchased in January of 2018 broke down and is repaired by the mower dealer. The cost of the Mower Repair job is $740.00. Lenny's will pay the mower dealer in 30 days. July 19 Purchase for cash $21,000.00 of supplies. These supplies will be consumed over the next 12 months. July 20 Collect $30,000.00 from the property management company for work performed in June. July 21 Pay the employees $6,850.00 for work performed during the 3rd week of July. July 23 Receive a $24,000.00 advance payment from the university. The advance payment is for 6 months of work which will be performed from August 1, 2019 to January 31, 2020. July 25 Complete a special mowing job for the golf course. The total price for the mowing job is $4,100.00. The golf course pays $500.00 cash on this date and will pay the remainder on August 25. July 27 Complete a mowing job for a new customer - customer pays $3,800.00 cash for the job. July 27 Pay $1,180.00 cash to the mower dealer for the supplies purchased on account on July 15. July 28 Pay the employees $5,300.00 for work performed during the 4th week of July. July 31 Invoice the property management company $14,550.00 for July mowing work. The property management company will pay the invoice on the 20th of next month. July 31 Pay the cash dividend which was declared on July 5. 口回□□□ |口|□|□| Lenny's Lawn Service, Inc. Chart of Accounts Account # Account Name Assets: 100 Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Liabilities: Accounts Payable Wages Payable Interest Payable 105 110 150 155 200 205 210 215 Unearned Revenue Dividends Payable Note Payable Equity: Common Stock 220 250 300 Retained Earnings Revenues: 305 400 Service Revenue Expenses: Supplies Expense Mower Repair Expense Wages Expense Truck Rental Expense Depreciation Expense Interest Expense 500 505 510 515 520 550 Lenny's Lawn Service, Inc. - General Journal Page # 1 2019 Account Posted Debit Credit Account Name Month-Day Number 7-1 100 Cash 35,000.00 X 35,000.00 Notes Payable Borrowed on Note Payable 250
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College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
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